Cullumber Corporation had the following transactions. 1. Sold land (cost $12,200) for $15,300. 2. Issued common shares for $20,400. 3. Recorded depreciation on buildings for $17,300. 4. Paid salaries of $9,200. 5. Issued 1,000 common shares in exchange for equipment with market value of $8,200. 6. Sold equipment (cost $10,200, accumulated depreciation $7,100) for $1,200. (a) For each of the above transaction, prepare the journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. enter an account title to record sale of land enter a debit amount enter a credit amount enter an account title to record sale of land enter a debit amount enter a credit amount enter an account title to record sale of land enter a debit amount enter a credit amount (To record sale of land.) 2. enter an account title to record the issuance of common shares for cash enter a debit amount enter a credit amount enter an account title to record the issuance of common shares for cash enter a debit amount enter a credit amount (Issued common shares for cash.) 3. enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount (To record depreciation expense.) 4. enter an account title to pay salaries to employees enter a debit amount enter a credit amount enter an account title to pay salaries to employees enter a debit amount enter a credit amount (To pay salaries to employees.) 5. enter an account title to record the purchase of equipment in exchange for shares enter a debit amount enter a credit amount enter an account title to record the purchase of equipment in exchange for shares enter a debit amount enter a credit amount (Purchased equipment in exchange for shares.) 6. enter an account title to record disposal of equipment enter a debit amount enter a credit amount enter an account title to record disposal of equipment enter a debit amount enter a credit amount enter an account title to record disposal of equipment enter a debit amount enter a credit amount enter an account title to record disposal of equipment enter a debit amount enter a credit amount (To record disposal of equipment.)
Cullumber Corporation had the following transactions. 1. Sold land (cost $12,200) for $15,300. 2. Issued common shares for $20,400. 3. Recorded depreciation on buildings for $17,300. 4. Paid salaries of $9,200. 5. Issued 1,000 common shares in exchange for equipment with market value of $8,200. 6. Sold equipment (cost $10,200, accumulated depreciation $7,100) for $1,200. (a) For each of the above transaction, prepare the journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. enter an account title to record sale of land enter a debit amount enter a credit amount enter an account title to record sale of land enter a debit amount enter a credit amount enter an account title to record sale of land enter a debit amount enter a credit amount (To record sale of land.) 2. enter an account title to record the issuance of common shares for cash enter a debit amount enter a credit amount enter an account title to record the issuance of common shares for cash enter a debit amount enter a credit amount (Issued common shares for cash.) 3. enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount (To record depreciation expense.) 4. enter an account title to pay salaries to employees enter a debit amount enter a credit amount enter an account title to pay salaries to employees enter a debit amount enter a credit amount (To pay salaries to employees.) 5. enter an account title to record the purchase of equipment in exchange for shares enter a debit amount enter a credit amount enter an account title to record the purchase of equipment in exchange for shares enter a debit amount enter a credit amount (Purchased equipment in exchange for shares.) 6. enter an account title to record disposal of equipment enter a debit amount enter a credit amount enter an account title to record disposal of equipment enter a debit amount enter a credit amount enter an account title to record disposal of equipment enter a debit amount enter a credit amount enter an account title to record disposal of equipment enter a debit amount enter a credit amount (To record disposal of equipment.)
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter14: Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: During 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds...
Related questions
Question
Cullumber Corporation had the following transactions.
1. | Sold land (cost $12,200) for $15,300. | |
2. | Issued common shares for $20,400. | |
3. | Recorded depreciation on buildings for $17,300. | |
4. | Paid salaries of $9,200. | |
5. | Issued 1,000 common shares in exchange for equipment with market value of $8,200. | |
6. | Sold equipment (cost $10,200, |
(a)
For each of the above transaction, prepare the
No.
|
Account Titles and Explanation
|
Debit
|
Credit
|
---|---|---|---|
1.
|
enter an account title to record sale of land
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record sale of land
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record sale of land
|
enter a debit amount
|
enter a credit amount
|
|
(To record sale of land.) | |||
2.
|
enter an account title to record the issuance of common shares for cash
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record the issuance of common shares for cash
|
enter a debit amount
|
enter a credit amount
|
|
(Issued common shares for cash.) | |||
3.
|
enter an account title to record depreciation expense
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record depreciation expense
|
enter a debit amount
|
enter a credit amount
|
|
(To record depreciation expense.) | |||
4.
|
enter an account title to pay salaries to employees
|
enter a debit amount
|
enter a credit amount
|
enter an account title to pay salaries to employees
|
enter a debit amount
|
enter a credit amount
|
|
(To pay salaries to employees.) | |||
5.
|
enter an account title to record the purchase of equipment in exchange for shares
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record the purchase of equipment in exchange for shares
|
enter a debit amount
|
enter a credit amount
|
|
(Purchased equipment in exchange for shares.) |
|||
6.
|
enter an account title to record disposal of equipment
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record disposal of equipment
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record disposal of equipment
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record disposal of equipment
|
enter a debit amount
|
enter a credit amount
|
|
(To record disposal of equipment.) |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning